Colombia has integrated the National Land Agency with a digital language registry system built on Ripple’s XRPL blockchain. The solution was built in a year by the joint effort of Ripple and its Barcelona-based partner Peersyst Technology.
— Peersyst Technology (@Peersyst) July 1, 2022
This solution enables digital assets to be registered on the XRPL blockchain. It is expected that more than 100,000 contracts will be possible in the near future. Uploaded assets will be authenticated with a QR code.
The new solution aims to solve the county’s land problems and the consequent lack of confidence in the authorities.
Colombia is one of the countries with the highest adoption of cryptocurrencies. High inflation in the country is one of the major factors driving Colombians towards cryptocurrencies.
Based on April 2022 data, Colombia is ranked as the 15th country with the highest inflation rate at 8.01%. Cryptographic users make up 6.14% of the total population, which is equivalent to 31 million Colombians.
According to Gemini’s 2022 Global Cryptocurrency State report, 56% of Colombians believe that cryptography is the future of money. The country also has a significant amount of female investors in the crypto market. Meanwhile, a March 2022 survey points out that Colombia also has a positive sentiment towards the Metaverse.
On the regulatory side, Colombia has a cryptocurrency exchange that works in tandem with banks.Country approved A partnership between a bank and a cryptocurrency exchange in February 2021. Since then, more than 10 partnerships have been established and the vast network of Bitcoin ATMs has grown domestically.
Most crypto companies are struggling due to market conditions, with the exception of Ripple.
In the early days of the bear market, Ripple CEO Brad Garlinghouse talked about the company’s tendency to focus on mergers and acquisitions. Garlinghouse said he hopes the crypto market will evolve towards M & A, and if that happens, Ripple will be the buyer.
The company has not yet signed an M & A agreement, but is expanding to Canada. Ripple announced a new office in Toronto on June 24th. The engineering-focused office will employ 50 developers, despite the tendency to ignite in the cryptocurrency space. The new office will focus on developing more innovative solutions, such as the Colombian land registration system.
Garlinghouse, who announced the launch of a new office, said:
“Cryptography and blockchain provide great opportunities for engineers to tackle difficult problems, and these solutions can impact value movements around the world.”
It’s clear that Garlinghouse believes winter is over, but he didn’t hesitate to remind his followers. He published the following thread on his Twitter account on June 14th:
“A day like today isn’t what you want to see, but as someone who has experienced some recession, he continues to categorically insist that” this too will pass. “